“This will be the first of many,” Musk wrote in a post on X, the social media platform he also owns and which is technically part of SpaceX.
Musk did not specify how he plans to distribute the shares in the company, which went public earlier this summer in the biggest initial public offering (IPO) on record.
However, Trump Accounts, the administration’s investment accounts for children, now allow for stock donations.
Musk is not the first SpaceX executive to pledge company stock to America’s kids. In July, SpaceX President Gwynne Shotwell announced that she and her husband were planning to donate stock in the company to Trump Accounts for more than 2 million children.
That donation is specifically aimed at teens living in lower-income areas near the couple’s home in central Texas.
In late September, the Internal Revenue Service put forward regulations allowing for stock contributions to the accounts. The agency said the move “will facilitate more donations from eligible donors, and will help create a practical pathway for large-scale private giving.”
The program has already reached millions of American children. The administration said earlier this month that nearly 8 million children already had accounts through the program.
The administration also planned to add more than 60 million others through its new auto-enrollment feature.
Under the program, kids born between 2025 and 2028 can receive $1,000 in seed money from the Treasury Department.
Other children can receive funds through a $6.25 billion donation from Dell CEO Michael Dell and his wife, Susan Dell. Their contribution is intended for children who live in ZIP codes with a median family income of $150,000 or less.
Musk’s pledge adds the world of private space travel to a growing list of business leaders putting their own wealth behind the program. With Shotwell’s donation already in the works and the Dells’ multibillion-dollar contribution on the books, Musk’s announcement marks yet another high-profile commitment to the administration’s effort to give American children a financial head start.
The SpaceX founder’s promise that this gift will be “the first of many” suggests more could be on the way, though Musk offered no further details Monday on the timing, the mechanics of the giveaway or what future contributions might look like.
The pledge comes as the Trump Accounts program continues to expand following the IRS rules issued in September, which opened the door for donors to contribute stock directly to children’s accounts rather than only cash.
SpaceX’s record-setting IPO earlier this summer made shares of the company publicly available for the first time, setting the stage for the kind of large-scale stock giveaways now being promised by Musk and Shotwell.
It remains unclear how Musk will deliver the shares to every child across the country, but the announcement represents one of the most sweeping private giving pledges tied to the program to date.
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